Interior's CFO Act Implementation

GAO reviewed the status of the Department of the Interior's implementation of the Chief Financial Officers (CFO) Act, focusing on Interior's challenges in meeting its statutory requirements. GAO noted that Interior: (1) has made progress in implementing CFO Act reforms and financial management improvements by establishing an agency-wide CFO organization, implementing a standardized accounting system, and preparing and auditing complete financial statements for each component agency; and (2) still must strengthen component agency CFO organizations, implement the standardized accounting system at all component agencies, and ensure sufficient audit resources to meet CFO Act requirements.